Obama said of the compromise: "As with any compromise, the Farm Bill isn't perfect - but on the whole, it will make a positive difference not only for the rural economies that grow America's food, but for our nation."

The farm bill had become ensnared in legislative gridock for much of 2013, especially after House conservatives voted in favor of drastic cuts to food stamp programs in their version of the bill. The final legislation cut that program -- the Supplemental Nutrition Assistance Program -- by $8 billion.

The White House has said that Obama intended to sign the farm bill if it reached his desk.